To no one’s surprise, Markham house prices were way up in 2016. What may be a little surprising though, is that they rose by a whopping 20% over 2015. Although new listings remained on par with 2015, inventory was quite low and demand was through the roof thanks in part to low borrowing costs, low unemployment and a strong local economy. It’s worth noting that the majority of the price gains this year occurred in the first half of the year and since then, prices have more or less hovered in the same ballpark.
The new government mortgage guidelines aimed at curbing house prices will surely have an effect on the market this year, the question is really, how much? Lack of inventory seems like it will continue to be an issue and currently, there’s still a large demand for homes. Furthermore, the Toronto Real Estate Board just released the results of a survey that was conducted to estimate the amount of foreign buyers and surprisingly, it’s only about 5% which means that the market conditions we’ve been experiencing seems to be largely domestic in nature.
So what can we expect for 2017? I think prices will continue to rise although not at the same pace we’ve been used to over the past few years. If I had to guess I’d say that condos, townhomes and semi-detached homes will probably see stronger price growth when compared to detached homes simply due to the new mortgage rules having a larger effect on more expensive homes. Many buyers who were once considering detached homes may find themselves settling for something a little less expensive or staying put for a few more years. While one might argue that this could bring prices down, it will also keep inventory low thus keeping some pressure on overall prices.
Check out the latest housing stats for Markham from December 2016 below…
Markham Real Estate Sold Statistics During December 2016
- The average sale price in December was $1,926,988. Up 15% over the same month last year.
- The average sale price to date this year is $963,793. Up 20% over last year.
- The average time it took for a house to sell was 20 days compared to 18 days the month prior and 27 days last December.
- There were 284 total sales last month. Up 30.3% over the same period last year.
- So far this year, we have seen 6,113 sales. That’s up 15.5% over the same timeframe from last year.
- There were 208 new listings last month. That’s an decrease of 14.9% and a sale to new listing ratio of 136.5%
- The month prior, the sale to new listing ratio was 79.2%
- So far this year, new listings are up 0.08% over the same timeframe from last year.
- The average sold price for detached homes last month was $1,418,252 with 115 homes sold.
- The average sold price for semi-detached homes last month was $835,687 with 15 homes sold.
- The average sold price for townhomes last month was $818,438 with 31 homes sold.
- The average sold price for condo apartments last month was $408,035 with 86 units sold.
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